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Text: SF00399                           Text: SF00401
Text: SF00400 - SF00499                 Text: SF Index
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Senate File 400

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  NEW SECTION.  504A.64A  REINCORPORATION.
  1  2    Notwithstanding section 504A.64, if the period of duration
  1  3 of incorporation of a domestic corporation organized or
  1  4 existing under chapter 504, as the chapter existed prior to
  1  5 July 1, 1990, or a predecessor chapter has expired, or if a
  1  6 permit held by a foreign corporation under the provisions of
  1  7 chapter 504, as the chapter existed prior to July 1, 1990, is
  1  8 no longer valid, but the corporation has continued to act as a
  1  9 nonprofit corporation as provided in the chapter under which
  1 10 it was organized, the trustees, directors, or members of the
  1 11 corporation may reincorporate under this chapter and thus
  1 12 become subject to its provisions, and all the property and
  1 13 rights of the corporation shall vest in the corporation as
  1 14 reincorporated for the use and benefit of the corporation.
  1 15 The corporation shall reincorporate in the same manner as
  1 16 though voluntarily electing to adopt the provisions of this
  1 17 chapter in accordance with section 504A.100.  This section
  1 18 shall not apply to a corporation which has been dissolved
  1 19 pursuant to section 504A.87.
  1 20    Sec. 2.  Section 504A.100, subsection 13, Code 1995, is
  1 21 amended to read as follows:
  1 22    13.  Corporations existing under chapter 504 shall be
  1 23 subject to this chapter on July 1, 1990, except that the
  1 24 corporations shall be subject to sections 504A.8 and 504A.83
  1 25 on January 1, 1995 1997.  A corporate existence of a
  1 26 corporation that is not in compliance on the records of the
  1 27 secretary of state with sections 504A.8 and 504A.83 on June
  1 28 30, 1995 1997, is terminated, effective July 1, 1995 1997.  A
  1 29 corporation whose existence is terminated pursuant to this
  1 30 subsection may be reinstated.  When the reinstatement is
  1 31 effective, it relates back to and takes effect as of the
  1 32 effective date of the termination of its corporate existence
  1 33 as if such termination had never occurred.  The secretary of
  1 34 state shall adopt rules governing the reinstatement of a
  1 35 corporation pursuant to this subsection.
  2  1    Sec. 3.  REPEAL.  Section 504A.64A is repealed July 1,
  2  2 2000.
  2  3    Sec. 4.  RETROACTIVE APPLICABILITY.  Section 1 of this Act
  2  4 applies retroactively to July 1, 1990.
  2  5    Sec. 5.  EFFECTIVE DATE.  This Act, being deemed of
  2  6 immediate importance, takes effect upon enactment.  
  2  7 SF 400
  2  8 da/cc/26
     
Text: SF00399                           Text: SF00401
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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